Northwater Top 75 Income Trusts Plus - Final Net Asset Value January 31, 2009



    TORONTO, Feb. 23 /CNW/ - The Northwater Top 75 Income Trusts Plus (the
"Trust") announced today that the final net asset value of the Trust per unit,
as at January 31, 2009, is $2.33. This net asset value per unit reflects the
monthly cash distribution of $0.02 per unit declared to unitholders of record
on January 31, 2009. The return of the Trust for the month of January is
-1.02%. The rolling 12-month return for the Trust is -64.94%.
    The Trust previously announced that it has declared a regular monthly
distribution to be payable to unitholders of record on February 27, 2009 in
the amount of $0.02 per unit. The distribution is expected to be paid on March
13, 2009.
    The Trust generally holds an income trust portfolio comprised of an
equally weighted portfolio of the largest 75 income trusts by market
capitalization listed on the Toronto Stock Exchange. For the month of January,
the S&P/TSX Capped Income Trust Index posted a return inclusive of reinvested
distributions of -1.23%.
    The Trust also has exposure to a portfolio of market-neutral hedge funds
held by Enhancement Fund Limited (the "Fund") through a forward purchase and
sale agreement. For the month of January, 10 of the Fund's 18 managers posted
positive returns while 7 out of the 9 market-neutral strategies included
within the Fund's portfolio contributed positively to the bottom line.
Specifically, the Fund's convertible arbitrage strategy was the largest
positive contributor to the estimated return of the Trust for the month.
    The Fund relies on estimates provided by administrators or managers of
each of the Fund's underlying hedge funds. These estimates may be revised and
the Fund will be required to capture these revisions in subsequent net asset
value calculations. The net asset value of the Fund is also affected by the
finalization of the net asset value by the administrators of the underlying
hedge funds. Ultimately, the net asset value of the Fund impacts the reported
net asset value of the Trust and, accordingly, the Trust indirectly relies on
the estimates provided by administrators or managers of each of the Fund's
underlying hedge funds.
    Subject to limits set out in the Trust's prospectus, the Trust is
required to purchase its units in the market in the event that the market
price of a unit of the Trust falls below 95% of the net asset value of the
Trust per unit. For the month of January, the Trust purchased 25,000 units
under this program.

    The Northwater Top 75 Income Trusts Plus is a well-diversified fund of
income trusts and market-neutral hedge funds. Units are listed on the Toronto
Stock Exchange under the symbol NTP.UN.





For further information:

For further information: Mohamed Khaki at Northwater Capital Management
Inc. at (416) 360-5435

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NORTHWATER TOP 75 INCOME TRUSTS PLUS

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